Euronet Worldwide, Inc. (NASDAQ:EEFT) Q1 2022 Earnings Conference Call April 27, 2022 9:00 AM ET

Company Participants

Scott Claassen - General Counsel & Secretary

Michael Brown - Chairman, CEO & President

Rick Weller - EVP, CAO & CFO

Conference Call Participants

Peter Heckmann - D.A. Davidson & Co.

Andrew Schmidt - Citigroup

Vasundhara Govil - KBW

Darrin Peller - Wolfe Research

Operator

Greetings, and welcome to the Euronet Worldwide First Quarter 2022 Earnings Conference Call. It is now my pleasure to introduce your host, Mr. Scott Claassen, General Counsel for Euronet Worldwide. Thank you. Mr. Claassen, you may begin.

Scott Claassen

Thank you. Good morning, everyone, and welcome to Euronet's quarterly results conference call for the first quarter 2022. On this call, we have Mike Brown, our Chairman and CEO; and Rick Weller, our CFO.

Before we begin, I need to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation we'll be making today. Statements made on this call that concern Euronet or its management's intentions, expectations or predictions of future performance are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors that are listed on the second slide of our presentation.

Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update. In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to their most comparable GAAP measures.

Now I'll turn the call over to our CEO, Mike Brown. Mike?

Michael Brown

Thank you, Scott, and thank you, everyone, for joining us today. I'll begin my comments on Slide #5. Finally, I am pleased to be here today to talk to you about our strong growth rates in what is typically our seasonally lightest quarter, Q1. The strength of our balance sheet continues to afford us the opportunity to make investments that will allow us to continue to grow the business.

During the quarter, we were able to close the acquisition of Piraeus Bank's merchant acquiring business, we repurchased $70 million worth of shares, we added more than $100 million of cash to our ATMs to support increasing transaction trends that we are seeing and we made an investment in a company called Marker Trax, who previously announced will utilize our REN technology to further grow their business. All of these items are strategic decisions that position us to continue to deliver strong returns for our shareholders.